Nib Group (nib) has announced that it will return a further $40 million in health insurance claims savings to members.
Managing director of the bank, Mark Fitzgibbon, revealed that over 600,000 members will qualify for the give-back.
“The give-back is in recognition of members’ reduced ability to access healthcare services during the COVID-19 pandemic,” Mr Fitzgibbon said.
“We saw a significant reduction in hospital and healthcare treatment.
“To date, the volume of catch-up in claims has been lower and slower than expected, which is why we’re able to return a further $40 million to our members.”
It comes after nib provided a one-off COVID credit of $15 million — made up from claims savings made during the year — which was applied as a discount to premium payments from 6 September 2021.
The amount that members will receive from nib will depend on their policy and level of cover; members with hospital and extras combined policies will receive on average about $71, those with hospital-only policies $47, and those on extras-only policies $15.
In addition to the $40 million give-back, the bank has also announced a $5 million increase to its investment in targeted health management programs.
“This was an extraordinary period that had wide-reaching impacts across society and nib’s COVID-19 support package now totals around $145 million,” Mr Fitzgibbon said.
“Further support may be offered in the future should circumstances allow.
“In healthcare, we are hoping for a return to normal, better health and wellbeing for our members, their families, and the communities we serve.”
The COVID give-back will be automatically paid to the nominated bank account of eligible members by 30 November 2022.
